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DDR Buys 5 Shopping Centers for $53 per SF

PHILADELPHIA-Developers Diversified of Cleveland and New York-based Coventry Real Estate Partners team up to buy a five-property package, once owned by Texas-based Woodmont, from Lehman Brothers for $81.65 million. DDR

By Marita Thomas | Updated on July 31, 2002

PHILADELPHIA-A package of five shopping centers in four states, totaling 1,53 million sf, has sold to Cleveland-based Developers Diversified Realty and New York-based Coventry Real Estate Partners for $81.65 million. DDR and Coventry bought it from New York based-Lehman Brothers, which acquired it from Fort Worth, TX-based Woodmont Companies through foreclosure.

Scott A. Wolstein, DDR’s chairman and chief operating officer, calls it “a portfolio of well-located shopping centers with substantial leasing opportunities,” and says in a statement DDR plans to enhance returns by “taking advantage of (its) relationships with the nation’s leading retailers.”

DDR owns and manages 345 retail properties in 43 states. Coventry’s strategy is to acquire real estate assets in partnership with DDR and plans additional purchases.

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